The weekly magazine, carrying the working title Alpha One, will launch with an associated website in the autumn, possibly as early as September. It will be edited by Phil Hilton, the former Nuts editor.
Content, aimed at 18 to 35-year-old ABC1 men, will include sport, entertainment, motoring, travel and news and will be updated at 7am each day on the website.
The magazine will be distributed nationally to commuters in London, Birmingham, Manchester, Glasgow, Edinburgh and West Yorkshire, backed by a £2m marketing budget.
It will carry listings timed for the weekend with Thursday the expected distribution day. The content will not be localised at the start, but this is being looked at.
It is likely that the new title will compete with paid-for weeklies Nuts and Zoo, and the free weekly Sport.
Soutar, who founded a media start-up company, Crash Test Media, last October after leaving IPC, where he headed new magazine ventures, takes up the role of chief executive in the as-yet-unnamed company.
Karl Marsden, who resigned as commercial director of News International's News Magazines, joins as managing director. He was previously commercial director of IPC's men's division, Ignite!
Hilton, who was launch editor of Men's Health and Nuts, becomes editorial director. Tim Ewington, a research and strategy consultant, who has worked on print and digital launches for The Guardian, the BBC and Lastminute.com, joins as strategy & digital director. Matt Phare, formerly creative director for Emap's men's portfolio, is the creative director.
The investor group in the new company, which will have "a mid-to-high seven figure" financing, will be headed by former IPC chairman and Emap group managing director Sir David Arculus.
The investors are: GLG Partners LP, a British hedge fund; DC Thomson, the Scottish publisher; French Connection's Marks; and film and media company, Marv Partners, led by Vaughn and Kris Thykier. Vaughn was the producer of Lock, Stock and Two Smoking Barrels and Layer Cake and is married to model Claudia Schiffer.
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